/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TSX VENTURE EXCHANGE: AVI
QUEBEC CITY, Nov. 30 /CNW Telbec/ - Further to the consolidation of its common shares, the acquisition of all the issued and outstanding shares of Botaneco Specialty Ingredients Inc., the $2,515,000 equity financing and the redemption of warrants, as previously announced, Advitech Inc. ("Advitech" or the "Corporation") (TSX Venture Exchange: AVI) today announces the financial results for the third quarter ended September 30, 2009.
Three-month period ended September 30, 2009
- Revenues amounted to $113,414 for the third quarter ended September 30,
2009, compared to $133,443 for the same quarter in 2008, a decrease of
$20,029 or 15%.
- Net loss amounted to $207,526 for the third quarter ended September 30,
2009, compared to $424,633 for the quarter ended September 30, 2008, a
decrease of $217,107 or 51%.
Nine-month period ended September 30, 2009
- For the nine-month period ended September 30, 2009, revenues amounted
to $428,703, compared to $392,219 for the nine-month period ended
September 30, 2008, an increase of $36,484 or 9%.
- For the nine-month period ended September 30, 2009, net loss amounted
to $951,163, compared to $1,402,073 for the nine-month period ended
September 30, 2008, a decrease of $450,910 or 32%.
As at September 30, 2009, the Corporation had a cash position of $50,670 and a working capital of $409,886. Subsequent to the third quarter of 2009, the Corporation raised $2,515,000 representing the gross proceeds of an equity financing completed on November 20, 2009 and previously announced by the Corporation.
"72% of total revenues for the nine-month period ended September 30, 2009 came from Canadian and American sales, compared to the same period in 2008 of which revenues in Canada and USA were $12,000" indicated Christian Labbé, Vice-President and CFO at Advitech. "Sales in other countries however decreased by 68% during the nine-month period ended September 30, 2009. This decrease is mainly attributable to the fact the French distributor inventories are still sufficient to meet demand" added Mr. Labbé.
The net loss decrease in 2009 is mainly due to lower operating expenses and lower financial expenses resulting from the conversion, on April 17, 2009, of 98.39% of the outstanding convertible debentures, together with accrued interest thereon, which represented an aggregate amount of $2,091,710.
ABOUT ADVITECH INC.
Advitech, which includes its subsidiary Botaneco Specialty Ingredients since November 20, 2009, is a health sciences and technology company developing, manufacturing and marketing proprietary natural ingredients and formulations for oral and topical applications that have been clinically proven to be safe and effective for improving skin health and well being. The Corporation's products are based on three technological platforms which are: i) a superior multi-functional emulsification delivery system derived from plant seed oleosomes for formulation application in the topical cosmetic, OTC, Rx and natural personal care specialty ingredient markets, ii) XP-828L for immune mediated inflammatory disorders, and iii) IM for anti-aging and wound healing. Advitech produces Hydresia(TM), a natural plant derived specialty ingredient which offers immediate moisturization advantages, formulating cost savings and excellent product aesthetics in a variety of product applications, Dermylex(R) for the treatment of mild-to-moderate psoriasis, and Nudremyl(TM) which acts on skin reconstruction, cellular regeneration and skin structure. More information is available and can be accessed at www.advitech.com and www.botaneco.ca.
This press release contains forward-looking statements, which reflect
the Corporation's current expectations regarding future events.
The forward-looking statements involve risks and uncertainties.
Actual results could differ materially from those projected herein.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE ADVITECH INC.
For further information: For further information: Christian Labbé, Vice-President and Chief Financial Officer, Advitech Inc., (418) 686-7498, ext. 227